Terms of Engagement

Our Terms Of Engagement

We will provide the accounting and taxation related services in accordance with the relevant professional and ethical standards issued by the Accounting Professional & Ethical Standards Board Limited (APESB) and with the Tax Agent Services Act 2009.

As a result, no audit or review will be performed and accordingly, no assurance will be expressed as to the accuracy of the information provided by you. Our engagement cannot be relied upon to disclose irregularities including fraud, other illegal acts and errors that may exist. However, we will inform you of any such matters that may come to our attention.

In performing our services, informal verbal advice may be given from time to time. If you intend to rely on any verbal advice, you should seek confirmation in writing. We do not accept liability for informal verbal advice for which insufficient information is provided, which is not in proper context and/or is not confirmed in writing.

RESPONSIBILITIES

In conducting this engagement, information acquired by us in the course of the engagement is subject to strict confidentiality requirements. That information will not be disclosed by us to other parties, except as required or allowed for by law, or with your express consent.

We maintain a system of quality control which has been established and maintained in accordance with the relevant APESB standard. As a result, our files may be subject to a review as part of the quality control review programs of CPA Australia or the Institute of Chartered Accountants in Australia whom monitor compliance with professional standards by its members.

We advise you that by accepting this engagement you acknowledge that, if requested, our files relating to this engagement will be made available under this program.

DISCLOSURE & RECORD KEEPING OBLIGATIONS

Under this engagement you are responsible for the reliability, accuracy and completeness of the accounting records, particulars and information provided.

You are obliged to provide us will all information that you reasonably expect will be necessary to allow us to perform the services required under this engagement within a timely manner. Inaccurate, incomplete or late information could have a material effect on our services and/or our conclusions and may result in additional fees.

You are required to advise us on a timely basis if there are any changes to your circumstances that may be relevant to the performance of our services.

The Taxation Administration Act 1953 contains specific provisions that may provide you with ‘safe harbours’ from administrative penalties for incorrect or late lodgement of returns if, amongst other things, you give us ‘all relevant taxation information’ in a timely manner (these provisions apply from 1 July 2010). Accordingly, it is to your advantage that all relevant information is disclosed to us as any failure by you to provide this information

FEES

Our fee arrangement will be based on the valur of the assignment and the level of staff required to complete the compliance and taxation related services to be performed.

Contact will be made with you on an annual basis to discuss the specific services to be provided and a fee estimate will be communicated based on the services to be performed.

Any disbursements and out of pocket expenses will be charged at cost.

Please note that all fees quoted by us will be in Australian dollars and are exclusive of GST.

LIMITATION OF LIABILITY

Our liability is limited by a scheme approved under Professional Standards Legislation. Further information on the scheme is available from the Professional Standards Councils’ website at http://www.professionalstandardscouncil.gov.au

OWNERSHIP OF DOCUMENTS

All original documents obtained arising from the engagement shall remain your property. However, we reserve the right to make a reasonable number of copies of the original documents for our records.

Our engagement will result in the production of the certain documents, ownership of which will vest in you, the client. These documents will include financial statements, income tax returns and business activity statements.

All other documents produced by us in respect of this engagement will remain the property of our firm.

The firm has a policy of exploring a legal right of lien over any client documents in our possession in the event of a dispute.

MISCELLANEOUS

Nothing in this engagement shall prevent us from taking any action as may be required by law or statute or to comply with the regulations of any relevant professional body.

We may, without your consent, assign this engagement to a successor to the business of Davidsons to which this engagement relates.

In the absence of written instructions to the contrary, files may, without notice to you, be destroyed after seven years have elapsed since the completion of the matter. This does not apply to documents held for safe keeping such as share certificates, unexpired contracts or lease agreements.